Visit Our Sponsors
In recent court papers filed with the U.S. Bankruptcy Court in Newark, N.J., the trustee overseeing the carrier's bankruptcy proceeding in Seoul said Hanjin has raised about $220m since filing for bankruptcy nearly a year ago.
Hanjin, once one of the world's largest container-shipping companies, filed for receivership in South Korea in August last year. The company has since been selling ships, stakes in seaport terminals and other assets, with proceeds destined to repay creditors, whose claims must pass muster with a Korean court.
The carrier says more than 180 creditors attended an initial court-supervised meeting, held June 1.
In this month’s court papers, Hanjin said it was unclear when distributions to creditors would begin. But it made clear those distributions would be carried out according to a plan worked out in South Korea and consistent with Korean bankruptcy law.
Enjoy curated articles directly to your inbox.